Consensys plans to separate MetaMask and institutional infrastructure businesses, expects completion by end of 2026

On September 9, local time, Consensys Software announced plans to split into two independently operated companies focused on consumer financial services and institutional blockchain infrastructure. The existing entity will be renamed MetaMask and will handle consumer financial services, including its wallet. MetaMask is expanding from a wallet in which users manage their own assets into a platform combining payments, savings and investments. Protocol development and institutional infrastructure operations will move to a new company named Consensys. The new company plans to help financial institutions adopt blockchain, drawing on its experience developing Ethereum layer 2 Linea and Ethereum network software Besu and Teku. Joe Lubin will serve as chairman and chief executive officer of MetaMask and as executive chairman of the new Consensys. Mike Kriak will become chief executive officer of the new Consensys, and David Cunningham will serve as president. The company said that responding to demand for personal finance and institutional tokenization and stablecoins requires operating models tailored to each business, dedicated management teams and focused investment strategies. According to the company's announcement, MetaMask has been downloaded more than 100 million times across approximately 190 countries. The company described MetaMask as the world's largest self-custodial financial platform. It expected the separation of the two businesses to be completed by the end of 2026.